Webuild (WBD) Q2 2025 earnings summary

Executive summary

• Revenues rose 22% year-over-year to €6.7 billion in H1 2025, with over 65% generated outside Italy, driven by organic growth and major projects in Italy, Australia, and Saudi Arabia.

• EBITDA increased 38% to €564 million, with margin expansion from efficiency initiatives and operational excellence.

• Net income reached €132 million, up 61% year-over-year, despite negative forex impacts.

• Order backlog stands at €58.7 billion, providing multi-year revenue visibility and strategic clarity; new orders year-to-date total €6.5 billion, exceeding 50% of the annual target.

• Net cash position at €275 million, with gross leverage reduced to 2.6x, reflecting strong operational cash flow and financial discipline.

Financial highlights

• Adjusted revenues: €6,676 million (+22% YoY); EBITDA: €564 million (+38% YoY); EBIT: €375 million (+65% YoY); EBITDA margin at 8.4%; EBIT margin at 5.6%.

• Adjusted net income: €132 million (+61% YoY); net financial position: €275 million positive; gross debt at €2,924 million.

• CapEx in H1 2025: €454 million; liquidity at €2,126 million, including €900 million undrawn RCF.

• Gross debt stable at €2.9 billion; new €450 million bond issued at 4.125% yield, maturing 2031; over 90% of debt at fixed rates.

• Book-to-bill ratio at 1.0x for 1H 2025; average 2023-2025 book-to-bill at 1.1x.

Outlook and guidance

• 2025 guidance confirmed: revenues expected to exceed €12.5 billion, EBITDA above €1.1 billion, and net cash position projected to surpass €700 million.

• Book-to-bill ratio forecasted above 1.0x, with continued focus on cash generation and operational efficiency.

• Guidance does not include potential impact from mega projects such as the Messina Bridge.

• Strategic focus on sustainable growth, margin expansion, and disciplined capital allocation.

• On track for another year of sustainable growth, with further cash generation expected from working capital optimization.